We are looking for more downside pressure towards strong support near 135.67. Therefore, we continue to look for more short-term downside pressure as the correction from 141.51 becomes more complex and ultimately dips lower towards our ideal target.
We also need to stress that corrections during a third wave often become smaller than normal. The underlying trend will be upward. A break above minor resistance at 141.12 will indicate that the third wave is growing and the next rally towards 144.98 is developing.
R3: 141.51
R2: 141.12
R1: 140.63
Pivot: 141.15
S1: 139.75
S2: 139.07
S3: 138.60
Trading recommendation:
We will buy GBP at 135.75 or upon a break above 141.12
